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C&S Management, LLC v. Superior Canopy Corp.

United States District Court, N.D. Indiana, Fort Wayne Division

October 16, 2014

C&S MANAGEMENT, LLC, Plaintiff,
v.
SUPERIOR CANOPY CORPORATION, et al., Defendants. DANNY GREENLAND, et al. Counterclaim-Plaintiffs
v.
GEORGE STAMPER, et al., Counterclaim-Defendants.

MEMORANDUM OPINION AND ORDER

PHILIP P. SIMON, Chief District Judge.

C&S Management seeks a default judgment against Superior Canopy Corporation [DE 124] on the grounds that Superior Canopy has failed to respond to or participate in this litigation in any way. For the reasons outlined below, a default judgment will be entered and C&S will be awarded possession of the collateral requested in its motion.

Background

C&S brought this suit against Superior Canopy in an attempt to recover upon unpaid promissory notes that Superior Canopy executed in 2003 in the amounts of $500, 000 and $700, 000, respectively. Superior Canopy failed to pay the amount due on the Notes (in fact, they made no payments at all). C&S then filed this case on January 22, 2008. On September 19, 2013, I entered default judgment against Superior Canopy due to Superior Canopy's failure to make any payment on the two promissory notes. [DE 112] I awarded C&S $3, 606, 875.27 in unpaid principal and interest, plus interest as accrued on each note at 12% per annum from December 27, 2012 through the entry of judgment. Id. C&S now requests that I also enter default on Count III of its complaint against Superior Canopy, seeking to foreclose on its security interests (the "Collateral") on these notes. [DE 124 ΒΆ 8]

On July 30, 2003, Superior Canopy and C&S signed a Security Agreement, securing both the $500, 000 Note and $700, 000 Note. [DE 124-1] Under the Security Agreement, Superior Canopy granted C&S an interest in the following Collateral:

A. Accounts;
b. cHATTEL pAPER;
C. Inventory;
D. Equipment;
E. Instruments;
F. General Intangibles;
G. Investment Property;
H. Documents;
I. Deposit ...

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